27 Apr 2012

Office block being sold

1:19 pm on 27 April 2012

Kiwi Income Properties plans to sell Beca House in Auckland for $55 million.

The property landlord says the sale price is 2% higher than the tower's $54 million valuation and reflects an initial yield of 8%.

A private investor has purchased the building, and settlement is expected to occur on 2 July.

Kiwi Income says the sale proceeds and the insurance settlement of its PricewaterhouseCoopers Centre in Christchurch, will be used to repay bank debt, reducing its gearing ratio by about 4%.